Dragons' Den star Peter Jones has admitted he is considering a bid to become British prime minister in the wake of Donald Trump's election victory in the US.

The entrepreneur said entering politics was not something he had thought about before a number of people suggested he could emulate the President-elect, a fellow businessman who established himself on a successful TV show.

Speaking on ITV's This Morning, Jones was asked by presenter Holly Willoughby: "Recently seen a businessman become president of America, your name has been mentioned so many times… Could we be looking at our next Prime Minister?"

Jones replied that the idea had been put to him by advertising agency giant Charles Saatchi.

"I have never considered it all until this week," he said.

"I have been to one dinner and Charles Saatchi was there and one of first things he said to me was ‘you need to be the next Prime Minister of Britain, because it can happen’.

"And it’s been the last three days, everybody saying ‘really, do you think you could do it’.

"I’ve never considered it, I didn’t think it would ever be anything I’d be interested in doing at all."

Pressed on whether he would consider it, he said: "I have to say probably yes. I can’t believe it. Even Tara, my other half, has been saying the last 48 hours ‘come on, you’ve got to do it’."

He went on to admit he had been exaggerating when he previously suggested running the country “shouldn’t be all that difficult”.

"Potentially, I don’t think I’d be the right person, I think I’m better as an advisor, to help and steer."

"Actually, I think I’d be a little bit too straight and I’d say it exactly how it is and perhaps that would affect the way government works."

Jones, who was made a CBE in 2009, suggested his tendency to be forthright may hinder any political aspirations he may have.